[Click eStock] "Intellian Tech, Ground Antenna Sales Begin in Earnest"

Yuanta Securities analyzed on the 12th that Intellian Technologies' sales of land-based antennas are beginning to ramp up. They did not provide an investment opinion or target price.

Yuanta Securities forecasted that Intellian Technologies' revenue and operating profit for the second quarter will be 72.3 billion KRW and 0.5 billion KRW, respectively, representing decreases of 17.5% and 93.7% compared to the same period last year. Baek Seong-jo, a researcher at Hanwha Investment & Securities, explained, "We estimate that the operating profit will fall short of market expectations," adding, "For maritime use, we expect sales recovery to major customers compared to the first quarter, and for land-based antennas, mass production began from the second quarter, which likely contributed to quarterly sales growth."

He further stated, "Maritime sales were sluggish in the first quarter due to inventory adjustments by major customers, but we expect a gradual recovery in orders from the second quarter," and "From the second half of the year, military antennas are also expected to contribute to sales." He added, "If Oneweb launches global services in the second half, we can anticipate the full-scale commercialization of low-earth orbit antennas in the maritime sector as well."

He estimated, "Sales of land-based antennas such as flat-panel antennas for Oneweb and gateways for Company A are expected to begin in earnest from the second quarter," and "Through the ramp-up period, the recognized sales volume is expected to increase quarter by quarter."

He emphasized, "We estimate annual land-based sales this year to exceed 120 billion KRW (with gateways accounting for about 30 billion KRW)," and "The potential for customer diversification in flat-panel antennas and gateways is high, which will continue to serve as an investment point."